The fixed assets have estimated useful lives as follows

Reference no: EM13598791

The fixed assets have estimated useful lives as follows: Building- 31.5 years Computer Equipment- 5.0 years Office Equipment- 7.0 Years Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building 's scrap value is $7,500. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month. I know I should debt 3 accounts and credit 1 account but i'm not sure which accounts? I know to calculate straight-line depreciation you do (cost-residual value) x 1/life x #/12, but I don't know the residual value? So which 3 accounts should be debits, which account should be credit, and for how much?

Reference no: EM13598791

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